M/s. Davuluri & Associates Chartered Accountants

12/11/2020

Pradhan Mantri MUDRA Yojana (PMMY) Loans

Mudra stands for Micro Units Development and Refinance Agency

Pradhan Mantri MUDRA Yojana (PMMY) is a scheme launched by the Hon’ble Prime Minister on April 8, 2015 for providing loans up to 10 lakh to the non-corporate, non-farm small/micro enterprises.

These loans are classified as MUDRA loans under PMMY.

These loans are given by Commercial Banks, RRBs, Small Finance Banks, MFIs and NBFCs.

The borrower can approach any of the lending institutions mentioned above or can apply online through portal www.udyamimitra.in .

Under PMMY, MUDRA has created three products namely
a) Shishu: covering loans upto 50,000/-
b) Kishore: covering loans above 50,000/- and upto 5 lakh
c) Tarun: covering loans above 5 lakh and upto 10 lakh
to signify the stage of growth / development and funding needs of the beneficiary micro unit

Purpose of MUDRA loan

1) Transport Vehicle
2) Community, Social & Personal Service Activities
3) Food Products Sector
4) Textile Products Sector / Activity
5) Business loans for Traders and Shopkeepers
6) Equipment Finance Scheme for Micro Units
7)Activities allied to agriculture

MUDRA Card

MUDRA Card is a debit card issued against the MUDRA loan account, for working capital portion of the loan.

Apply For MSME / MSE / SME Loans to more than 145 Lenders (Banks / NBFCs / SFBs / Fintechs on this universal business loan portal in easy steps with competitive interest rates

12/11/2020

Auto-populated Form GSTR 3B (PDF) for the taxpayers, from the month of October 2020 onwards

GSTN has earlier introduced Form GSTR-2B, a static statement with details of ITC available for a tax period, for the benefit of taxpayers. GSTR-2B is an auto-drafted Input Tax Credit (ITC) statement generated for every recipient, on the basis of the information furnished by their suppliers, in their respective Form GSTR-1 & 5 and Form GSTR-6 filed by ISD.
GSTN has also introduced a facility to download pdf statement to taxpayers, who are filing monthly GSTR-1 statement, with system computed values of Table 3 of Form GSTR-3B. This PDF will be prepared on the basis of the values reported by them, in their GSTR-1 statement, for the said tax period.

In continuation of the return linkage project, GSTN has now introduced auto-populated Form GSTR-3B in PDF format, for benefit of the taxpayers. The auto-populated PDF of Form GSTR-3B will consist of:-

Liabilities in Table 3.1(a, b, c and e) and Table 3.2 from Form GSTR-1
Liability in Table 3.1(d) and Input Tax Credit (ITC) in Table 4 from auto-drafted ITC Statement from Form GSTR-2B.

This facility is made available in Form GSTR 3B dashboard from October 2020 tax period onwards.

This facility will become available for taxpayers who are registered as Normal taxpayer, SEZ Developer, SEZ unit and casual taxpayer.
The system generated PDF will be made available on GSTR-3B dashboard.

Taxpayers will be able to access their Form GSTR-3B (PDF) through: Login to GST Portal > Returns Dashboard > Select Return period > GSTR-3B> System Generated 3B.

31/10/2020

CFSS -Companies Fresh Start Scheme a Golden Opportunity to defaulting companies.

As we know many enthusiastic budding entrepreneurs are selecting company form of business to manage their business professionally.

Unfortunately as most of the business ideas are not giving the desired results these young entrepreneurs are leaving the company and joining employment for survival.

But they are ignoring the fact that once if you incorporate a company all the compliances and filings has to me made compulsorily even if there are no transactions.

As a result of this ignorance they are ineligible to become directors up to 5years in any company as result they are not able to implement their new business ideas

The Ministry of Corporate Affairs, in an attempt to ease matters for the companies, has introduced a new scheme known as the Companies Fresh Start Scheme, 2020 (CFSS).
Now all the defaulting companies can regularise their annual filings by just paying normal fees.

This Scheme is applicable between 01-04-2020 to 31-12-2020
No additional fees to be paid, whatsoever.
Immunity against prosecution and proceedings for imposing penalty only where:-
– The prosecution and proceedings arose due to the delay in filing of belated documents.
– No other cases covered

31/10/2020

TCS on Sale of Goods

The provisions of sub-section (1H) of section 206C has been made effective from 1st October 2020 and state that:

A Seller of Goods is liable to collect TCS from Buyer on Sale of any goods If

Turnover of seller is more than ₹ 10 Crores in preceding financial year

And

Aggregate Value received for Goods from a buyer is more than ₹ 50 Lakhs in a financial year

TCS to be collected on [ Total Sale Value received – ₹ 50 Lakhs];

Rate of TCS is 0.1%, if PAN of buyer is available [1% if PAN not Available].

30/10/2020

Attention Home buyers

If you are planning to purchase a flat, then please ensure that you are purchasing it from a builder or developer registered under RERA.

The Real Estate (Regulation and Development) Act is enacted to ensure consumers will not be cheated or taken for a ride by the developers.

Safeguards by RERA protect consumers

1.The builders or developers have to publish all the details such as sanctioned plan, layouts, the location of the project with clear demarcation of land, carpet area, number and area of garage, etc. Hence, before entering into the contract, you can check online on the website of RERA about every detail of the project by visit the RERA site .

2.Buyers can check Quarterly updates on Construction progress online

3.Restriction on builder to deposit 70% in escrow account to ensure that amount is utilised only for that particular project.

4.Standaardized sale agreement

5. Five years of defect liability period to developer or builder

6.Clarity for buyers on Carpet area, Built up area and super built up area

7.If the promoter fails to complete or is unable to give possession on time then, the promoter is liable to pay the entire amount given by you if you wish to leave the agreement.

8.Approval of buyers is compulsory for alteration in sanctioned plans

9.Agent registration is mandatory

10.If any buyer, promoter or agent has any complaints with respect to the project, they can file a complaint with RERA

29/10/2020

A Composition taxpayer may now file NIL statement in Form GST CMP-08 for a quarter, through an SMS, apart from filing it through online mode, on GST Portal.
To file NIL Form GST CMP-08 through SMS, the taxpayer must fulfil following conditions:

Taxpayer must be registered as composition taxable person (by filing Form GST REG-01) or the taxpayer might have opted for composition levy (by filing Form GST CMP-02).
Taxpayer must have filed all the applicable statement(s) in Form GST CMP-08 for the previous quarter(s).
Authorized signatory and his/ her phone number must be registered on the GST Portal.
There must not be any data in save stage, in online version of Form GST CMP-08, on the GST Portal.
NIL Form CMP-08 for a tax period must be filed by the taxpayer, if there is no:

outward supplies;
liability due to reverse charge (including import of services); and
other tax liability for the quarter, for which the statement is being filed.
Steps to File Nil Form GST CMP-08 through SMS are as below:

Send SMS to 14409 number to file Nil Form CMP-08 ie NIL space Return Type space GSTIN space Return Period

(For example for NIL Filing for Tax Period Apr-Jun 2020: NIL C8 07AQDPP8277H8Z6 062020)

Send SMS again on the same number 14409 with Verification Code to confirm filing of Nil Form CMP-08

(For Example: If Verification Code received here is 324961: CNF space Return Type space Code - CNF C8 324961)

After successful validation of “Verification Code", GST Portal will send back ARN to same mobile number and on registered e-mail ID of the taxpayer to intimate successful Nil filing of Form GST CMP-08.
All the authorized representatives for a particular GSTIN, with unique mobile number can file NIL Form GST CMP-08 through SMS.
The due date for filing of Form GST CMP-08 is 18th of the month following the quarter.